Fitch rates Pacific LifeCorp notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Pacific LifeCorp's $500 million 5.125% senior notes issuance due Jan. 30, 2043.

The new issue rating is equivalent to the ratings on its existing senior debt. The proceeds will be used to fund the company's previously announced cash tender offer to purchase $323 million of Pacific Life Insurance Co.'s 9.25% surplus notes due 2039.

Pacific LifeCorp has a long-term issuer default rating of A-, BBB+ rating on its $450 million 6% senior notes due 2020 and BBB+ rating on its $600 million 6.6% senior notes due 2033.

Pacific Life Insurance Co. has a long-term issuer default rating of A, insurer financial strength rating of A+, BBB+ rating on its $150 million 7.9% surplus notes due 2023, BBB+ rating on its $677 million 9.25% surplus notes due 2039, BBB+ rating on its short-term issuer default rating of F1 and commercial-paper rating of F1.

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